Nigeria Has Achieved Zero Currency Importation – NSPM

Nigerian Security Printing and Minting (NSPM) Plc disclosed that Nigeria has achieved zero importation of currency.

This is as the nation’s foremost security printing and minting company, expressed concern over the various clips, skits, and comments on various platforms regarding the quality of the redesigned naira banknotes that were recently issued by the Central Bank of Nigeria (CBN). 

Managing director/CEO of the company, Ahmed Halilu, who made this known in a statement, yesterday, said the NSPM has been meeting the currency needs of Nigeria with the support of the CBN between 2014 and now when it has been handling currency printing for Nigeria. 

“The NSPM Plc has been meeting the currency needs of Nigeria with the support of the Central Bank of Nigeria since 2014. Indeed, Nigeria has achieved zero importation of currency, developed local capacity and, to an extent, conserved foreign exchange within this period,” he stated.

The agency, saddled with the responsibility of producing the country’s currency (Naira), also said it finds it expedient to address the salient issues and further enlighten Nigerians on the features of the Naira and, most importantly, clear the misconception about the quality of the new Naira notes. 

“We want to inform all Nigerians that the new Naira notes are of the same substrates and passed through the same printing processes and finishing procedures. It is, therefore, basically the same as the other notes in circulation. It also leaves traces of intaglio inks when rubbed on plain white surfaces,” the company said in a statement that was issued by its

It acknowledged that new banknotes are generally light when issued, then become heavier in circulation on getting in contact with dirt and moisture. 

“In addition, the second stage of currency printing (Intaglio) requires a heavy deposit of special inks with fairly large particles to give a tactile feeling of the portraits as well as other raised prints by way of design. 

“One of the properties of intaglio inks is non-solubility in water and ease of transfer {light stain) on plain white materials owing to the size of the particles. This is generally a security feature of all banknotes that easily differentiates them from forged or counterfeited notes,” Halilu said. 

NSPM urged Nigerians and other users of the Naira banknotes not to subject the banknotes to experiments in order to prove a point. 

“We assure all Nigerians that best international practices have been deployed in the production of our national symbol, the (Naira}, and we shall continue to ensure that it meets international standards,” he stated.